The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-06-29
THE CHICAGO MARKETS.
Wheat Little Shaky-Corn Ouiet-Pro-
visions Duh and FeatureIess.
Special 70 the Sentinel

Wheat a little Shaky-COrn ouiet-PrO-
visions Dull and FeatureIess.
Special 10 the Sentinel.
CHICAGO, June 25.-An enormous amount
of wheat held by carriers and by banks has
been marketed this week. Some of the
grain was insuticiently protected, bat the
great bulk was margined down 56}Sc be-
low the market and the banks were anxious
to get rid OF it, not because they do not
consider it good property, but because
they do not wish to take any chances at
being involved in possible law suits grow
ing out of dealing with the "busted"
clique. Numerous drafts, too drawn on
country customers by commission houses
are being returned protested and this
causes the throwing of considerable
stuff on exhausted margins. July is
near at hand, and somebody must take
the grain and pay for it. The pressure of
'bank wheat"-about 5000 600 bushels
carried the option down to 6SAc, the low
est figure touched by July in quarter OF
a century. 1t did not stay there long, how
ever, as the load did not prove as heavy as
it looked, recent heavy purchases for actual
shipping and export account, as well as for
domestic milling account, having taken a
quantity OF grain off the market absolutely.
Shorts are covering pretty fully and the
old Investment buyer, ION the merits OF
the grain" is at the front again. The bulls
can not be said to be making much OF a
fight, but they are no longer on the
run. The demand from interior
milling points indicates that coun-
try reserves are drawn down to
sbno-mal thinness. The wheat already
! ought here is going out fest. Vessel room
is taken as fast as 1t gets in, and the out
ward movement is limited only by the
ansportation facilities afforded by lake
carriers. If four times the room that is
available could be had, four times as much
wheat would be shipped from this port.
Indeed, cash markets throughOutthec oun-
| try, with the possible exception of New
| York, are active in cash way, and dull
| speculatively considered. Mills every
| where are grinding for all they are worth,
and unless there should be an unexpected
rush of new wheat the next thirty days
should witness a great shrinkage
Grand total '' OF Al 600, o6s bushels %IUis
row staggers the trade. The professional
bears are just now afraid 10 sell, and stand
on their contracts on account of the low
| price, as every one sckno Wedges that such
| breaks SIS occurred here ten days ago are
| certain to carry quotations down 5Gl0c
below their legitimate level. Chicago is
| to-day relatively the cheapest market in
| the world.
4 Inc ndlOIlLy OF the houses WINCH went
| down with the busted" corner have sue
ceeded in making some compromise with
| their creditors and have resumed business.
Many ugly rumors have been circu-
lated concerning the soundness OF
several local banks, but these stories
| have not the slightest foundation.
| The American Exchange National Bank
will doubtless have to charge tidy sum
| to it's profit and loss sccount by reason oi
/ Z, - Al. rs
Cincinnati, but nobody acquainted with
banks and banking matters questions its
/ ability to ''stand the racket"
Corn rules quiet and about steady. Re-
ceipis are light and shipments fair. Still
country orders are mostly for the sale Of
| distant futures.
Provisions continue dull and featureless